Indian Economy News

India to be number 1 auto manufacturing hub in 5 years

  • IBEF
  • February 12, 2024

India is poised to emerge as the leading automobile manufacturing hub globally by 2029, according to Minister of Road Transport and Highways, Mr. Nitin Gadkari, with projections indicating the nation's rise as the third-largest economy. Mr. Gadkari emphasized the government's commitment to enhancing infrastructure, promoting alternative fuels, and reducing logistics expenses. Highlighting the pivotal role of robust infrastructure in driving economic growth across sectors, he underscored the importance of efficient road networks, power supply, and communication systems.

Mr. Gadkari emphasized the automotive sector's significance in bolstering India's self-reliance and economic prowess, attributing its potential to the diverse range of products and major industry players operating within the country. He also reiterated Prime Minister Mr. Narendra Modi's emphasis on infrastructure development since assuming office in 2014, underscoring the importance of world-class infrastructure to realize India's economic ambitions. With plans to expand the national highway network to match the scale of the USA's road infrastructure by 2024, Mr. Gadkari focused on enhancing road quality and promoting alternative fuel adoption to streamline logistics operations and reduce costs to single digits.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.